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Definitions for various terms and concepts related to international trade, including importing, exporting, free trade, balance of trade, licensing, franchising, contract manufacturing, joint ventures, strategic alliances, foreign direct investment, exchange rates, and trade protectionism.
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Buying products from another country TERM 2
DEFINITION 2 Selling products to another country TERM 3
DEFINITION 3 The movement of goods and services among nations without political or economic barriers TERM 4
DEFINITION 4 The total value of a nations exports compared to its imports measured over time TERM 5
DEFINITION 5 When the value of a countrys exports is more than that of its imports
When the value of a countrys exports is less than that of its imports TERM 7
DEFINITION 7 The difference between money coming into a country (from exports) and money leaving the country (from imports) plus other money flows TERM 8
DEFINITION 8 Selling products in a foreign country at lower prices than those charged in the producing country TERM 9
DEFINITION 9 When a firm (licensor) provides the right to manufacture its product or use its trademark to a foreign company (licensee) for a fee (royalty) TERM 10
DEFINITION 10 Gaining revenues it wouldnt have otherwise generated Spending little or no money to produce or market their products
A partnership in which two or more companies join to undertake a major project TERM 17
DEFINITION 17 Shared technology and risk Shared marketing and management expertise Entry into markets where foreign companies are often not allowed unless goods are produced locally TERM 18
DEFINITION 18 A long-term partnership between two or more companies established to help each company build competitive market advantages.Unlike joint ventures, strategic alliances dont typically share costs, risks, management or profits Strategic alliances provide broad access to markets, capital and technical expertise TERM 19
DEFINITION 19 The buying of permanent property and businesses in foreign nations.Primary Advantage: Parent company maintains complete control over its technology or expertisePrimary Disadvantage: Must commit funds and technology within foreign boundaries TERM 20
DEFINITION 20 A company owned in a foreign country by another company called the parent company (the most common form of FDI)
A company that manufactures and markets products in many different countries and has multinational stock ownership and management TERM 22
DEFINITION 22 SocioculturalEconomic and Financial Legal and Regulatory Physical and Environmental TERM 23
DEFINITION 23 The value of one nations currency relative to the currencies of other countries TERM 24
DEFINITION 24 Dollar is trading for more foreign currency; foreign goods are less expensive TERM 25
DEFINITION 25 Dollar is trading for less foreign currency; foreign goods are more expensive
Limits the number of products in certain categories a nation can import TERM 32
DEFINITION 32 A complete ban on the import or export of a certain product or the stopping of all trade with a particular country TERM 33
DEFINITION 33 A regional group of countries with a common external tariff, no internal tariffs and coordinated laws to facilitate exchange among members TERM 34
DEFINITION 34 Ratified in 1994, created a free-trade area among the United States, Canada and Mexico TERM 35
DEFINITION 35 Passed in 2005, created a free-trade zone with Costa Rica, Dominican Republic, El Salvador, Guatemala, Honduras and Nicaragua
Purchasing goods and services from sources outside a firm rather than providing them within the company
